Common use of Zero Coupon PD Debt Instruments Clause in Contracts

Zero Coupon PD Debt Instruments. In the case of Zero Coupon PD Debt Instruments, the Early Redemption Amount will be an amount (“Amortised Face Amount”) equal to the sum of: (a) the Reference Price (as specified in the relevant Final Terms); and (b) the product of the Accrual Yield (as specified in the relevant Final Terms) (compounded annually) being applied to the Reference Price (as specified in the relevant Final Terms) from (and including) the Issue Date to (but excluding) the date fixed for redemption or (as the case may be) the date upon which such PD Debt Instrument becomes due and repayable. Where such calculation is to be made for a period which is not a whole number of years, it shall be made on the basis of a 360-day year consisting of 12 months of 30 days each or such other Day Count Fraction as may be specified in the relevant Final Terms.